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REINSW’s submission on real estate reforms

8 December 2016

REINSW has made a submission on the NSW Government's 'Real Estate and Property Services Industry Reform Paper', which aims to improve entry standards and training requirements for the real estate and property industry.

The submission comments on the list of the reforms from licensing and qualifications; continuing professional development; conduct and accountability; audit processes; and disciplinary powers.

To find out more, view the submission here.

REINSW CEO Tim McKibbin said: “The lnstitute has been campaigning for over 10 years for the training standards of CPD and entry level education to be improved. We had substantial input to this Paper through direct lobbying and via the Real Estate Reference Group and are therefore very supportive of these reforms.

“The lnstitute is firmly of the view that the overwhelming majority of the issues that attract the attention of the regulator and aggravate consumers can be resolved by substantially improving the education of property professionals.”

Co-regulation is the next step

He added: “In the lnstitute's view, the next important step to improve regulatory compliance and promote professional conduct is co-regulation. 

“Within a co-regulatory environment, the industry and the regulator would work cooperatively together to deliver improved consumer outcomes.

"The Institute invites Fair Trading to investigate and take guidance from other co-regulated industries on the significant benefits enjoyed due to that relationship.”